Wednesday, November 3, 2010

The true cost of being your own boss

While I don't agree with the entire article, there are some fine points in a recent  piece on being your own boss at .

The devil is in the details when it comes to owning/running your own business.
But, don't let the details scare you.
If you know about them before hand, you are much better prepared to handle them.
It's when they come up by surprise that trouble can brew.

Here are some highlights from the article I think every entrepreneur should know...

Tips on starting your own business:

  • The best way to develop your own business is to do it while you still have a job.
  • Build up as much as you can in cash savings.
  • Live below your means -- you will have good months and bad months.
  • Remember, to maintain the same lifestyle as you had with your last salary you will need to earn 33% more.
  • Hire an accountant.
  • Keep track of your customer contact with a spreadsheet.
Read the whole article: The true cost of being your own boss

Now, go get 'em.

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